Micron Shares Rebound 2.17% After October Drop of 16.9%

Micron Technology (MU) shares were quoted 2.17% higher in premarket trading Monday, Nov. 2, after a 16.9% decline from Sept. 30 through the prior session. At 7:20 a.m. ET (12:20 UTC), the shares stood at $903.90, up $19.16 from Friday’s close of $884.74. The stock closed at $1,065.11 on Sept. 30.

U.S. stock futures advanced as markets recovered from Friday’s technology selloff. Friday’s losses reflected investor unease over the scale and expected payoff of AI spending; the S&P 500 shed 1.8% and the Nasdaq Composite fell 2.9%. Earlier Monday, S&P 500 futures were up 0.5% and Nasdaq futures gained 0.8%. Micron was among the storage stocks in a previous premarket decline across AI-linked shares.

Micron recorded $133.19 billion in revenue for fiscal 2026, compared with $37.38 billion in fiscal 2025. Its full-year GAAP gross margin was 80.7%, up from 39.8% the year before. Sales for the quarter that ended Sept. 3 came in at $54.23 billion, with an 86.8% GAAP gross margin.

Micron set its fiscal first-quarter 2027 revenue midpoint at $61.5 billion, with a $1.5 billion range on either side, and projected a GAAP gross margin near 85.95%. The revenue midpoint would be roughly 13% above fourth-quarter sales. The margin forecast is below the 86.8% reported for the fourth quarter. Chairman and CEO Sanjay Mehrotra said, “Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027.”

A key question is whether Micron’s margins can hold as memory supply expands and customer demand shifts. Chamath Palihapitiya described the risk as a possible “boom-and-bust cycle.” Kioxia’s latest quarter showed sequential increases in revenue and operating profit. Its December-quarter outlook calls for revenue growth of 0.8% and essentially flat operating profit.

The U.S. midterm elections are Tuesday, Nov. 3. The Bureau of Labor Statistics has scheduled its October jobs report for Friday, Nov. 6, at 8:30 a.m. ET (13:30 UTC).